Survey Report: Impact of COVID-19 in Taiwan - May 2020

Compare with our March survey, Taiwanese have become more optimistic about the coronavirus situation. The May result indicates an increase in the percentage of people who predict the environment will continue to improve for the next 12 months. 40% of the people have rated the COVID-19 situation less serious, and 60% believe the situation will get better in the next 30 days.

Key findings

• Among all product categories, travel and luxury goods are hit the worst, while the budget for household goods, medicine/health supplements, and packaged foods has increased comparing to the same period last year.
  
  
• During COVID-19, nearly half of the people are willing to invest and 26.3% can tolerate investment losses. But the majority are being conservative in what they invest, so they prefer holding onto cash, precious metals and real estate.
  
  
• Nearly half of the young people (aged 18-29) are showing positive sentiments toward the environment in the next 12 months as they have more remarkable budget growth (7.7%) than older groups.
  
  

Recommendations

• Pick your audience wisely: Focus on the younger generation and the opinion elites those who share their thoughts and insights with people in their community, as they are more optimistic toward the future and more likely to increase spending.
  
  
• Continue to have conversations with your customers. Show your target audiences that you care and understand their needs. Review your marketing and channel strategies. Do all of the above to make sure your customers still feel the same about your products/brand despite the change in lifestyles.

Download the report here!